Table 7-11
The following table represents the costs of five possible sellers.

-Refer to Table 7-11. If the market price is $1,400, the combined total cost of all participating sellers is
A) $5,700.
B) $1,500.
C) $1,400.
D) $4,100.

Question

Table 7-11
The following table represents the costs of five possible sellers.
 
-Refer to Table 7-11. If the market price is $1,400, the combined total cost of all participating sellers is
A) $5,700. 
B) $1,500. 
C) $1,400. 
D) $4,100.

Quizplus · Accepted Answer

To find the combined total cost of all participating sellers, we add up the costs of all sellers who are willing to sell at or below the market price. In this case, all five sellers are willing to sell at or below the market price of $1,400. 
So, the combined total cost would be: 
$900 + $1,000 + $800 + $1,100 + $1,300 = $5,100 
Therefore, the best choice is D - $4,100, as this is not an option and the closest answer is $5,100 which is the correct answer.

Table 7-11 The Following Table Represents the Costs of Five Possible Sellers